Constitution of pension, insurance or provident fund

(1) The University shall constitute, for the benefit of its officers, teachers, clerical staff and other employees in such manner and subject to such conditions as may be prescribed, such pension, insurance and provident fund as it may deem fit. (2) Where any such pension, insurance or provident fund has been so constituted by the University, the Government may declare that the provisions of the Provident Funds Act, 1925 shall apply to such fund as if it were a Government Provident Fund: Provided that the University shall have power in consultation with the Finance Committee, to invest the Provident Fund amount in such manner as it may determine.